Analysts Speculate Possible Carnival / Hapag-Lloyd Deal

Tuesday, May 29, 2001
Carnival Corp said on Tuesday its growing cash holdings were spurring market speculation that the world's largest cruise group was on the acquisitions trail.

A spokesman for the Miami-based operator of 45 cruise ships, declined to speak directly to reports that Carnival may be working on a bid for Hapag-Lloyd cruises. "It is our policy not to comment on market rumors," he said.

Hapag-Lloyd, a unit of the world's largest travel group Preussag AG, operates five ships in German-speaking countries. A spokesman for Hapag-Lloyd said on Monday he knew of no bid for the company.

With pricing pressure in its core North American markets, Carnival has been looking to Europe for growth.

Just last week, the cruise line announced the sale of a 25 percent equity stake in British travel group Airtours Plc in a transaction expected to yield gross proceeds of nearly $500 million. In addition, the company raised about $900 million in bond offerings in March and April. Some of that money was to repay bridge loans for the purchase last year of the 50 percent portion of Costa it had not owned.

But analyst Robin Farley of UBS Warburg said in a research note that Carnival had now raised more than $1 billion without any pressing needs for capital expenditures.

"Obviously, our recent debt offerings and the sale of our Airtour holdings has added substantially to our cash. That is prompting market speculation," the Carnival spokesman said.

Maritime Reporter August 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Cruise Ship Trends

Carnival Ramping Up in New Orleans

Carnival on track for record year from Port of New Orleans in 2015; expects to embark 3 millionth passenger post-Katrina next year   New Orleans’ number one cruise

New London Cruise Terminal Gets Green Signal

London Mayor Boris Johnson gave final approval to build a new cruise terminal on the Thames River at Greenwich.   The terminal, to be located at Enderby Wharf,

Seven Seas Explorer Spaciously Intimate

The cruise ship being billed as "the most luxurious ship ever built" will also feature some of the largest cabins  and balconies afloat.   The suites on the Seven Seas Explorer,

Finance

TASI Acquires SignalFire Telemetry

TASI HOLDINGS INC. announced today it has completed the acquisition of all shares of SignalFire Telemetry, located in Hudson, Massachusetts.  This new acquisition

DP World Profit Up 22%

Global marine terminal operator DP World today announced strong financial results from its global portfolio of marine terminals for the six months to 30 June 2015,

Med Crude-Russian Urals Edges Lower in Med, Baltic

Russian Urals crude weakened in the Mediterranean and in the Baltic on Friday, while trading activity was limited ahead of a long holiday weekend in Britain, traders said.

 
 
Maritime Contracts Maritime Standards Naval Architecture Pod Propulsion Port Authority Ship Repair Ship Simulators Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.2947 sec (3 req/sec)